Spanish property sales rise amid price falls

Sales of Spanish property have risen in recent months, despite prices falling at their fastest rate for a long time.

The latest figures from the National Institute of Statistics show that there were 38,838 home sales in July, up 15 per cent on the same period last year and 16 per cent on the previous month.

However, the cumulative sales figure still remains 47 per cent behind the level seen during the property peak in 2007.

"If the figures are a true reflection of the market, that suggests that the worst is behind us, assuming there is no second act in this drama," said Spanish property expert Mark Stucklin of Spanish Property Insight.

"Once again, new home sales were greater than resales, as they have been most months since the crisis began."

The news comes just after statistics released by Tinsa suggested that real estate values in the country were falling. Indeed, over the past 12 months, prices in Spain are down 4.6 per cent.

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